It's go time

Isn't the contract written so that you have a deal to buy the house for $XXX, pending the inspection and financing? So you, after the inspection, can decide whether you still want to buy the house for $XXX, ask for credits/fixes for things found and decide what to do if seller doesn't budge, or just walk away because you are unhappy with the results of the inspection? So seller can refuse to fix stuff or give you credits, but can't get pissed and cancel the deal because you asked?

Definitely expect to get the chimney liner fixed. I'm not clear about the furnace. If you knew it was an old furnace when you made the offer, as the seller I'd say "too bad, buddy, you knew the age of the furnace and should have taken that into account in your offer." You don't know if you don't ask, though. My experience is most people throw every freaking thing possible into the request after inspection.

 

Yes, the offer is contingent on the inspection. There are things about the furnace that we didn't know, though. For example, there is no mixing valve, meaning when the hot water runs, it runs HOT! And it's a safety issue with a 2-year-old in the house. The chimney liner is another. Some minor repairs in the roof are needed, but as a whole, it's about 10 years old.

We are looking to walk, but we're also trying not to get make this decision off emotion. Being headstrong is paramount. We met the buyers at asking, so I'm hoping they are willing to concede things, especially the safety issues. Hoping for the best but expecting the worst. Then we really have a decision to make.

 

That's way more than just an old furnace then. Absolutely ask for fixes/credits for costs to fix. If they have a good realtor, the realtor will explain the realities of what those items mean in selling the house to you or anyone else. Are the chimney and furnace issues code violations?

Good luck!

 

That's a good question: The inspector only pointed out the issues, but didn't say anything about being up to code. That would obviously force the buyers hand a little bit. Not sure how you find that stuff out.

 

Code issues mean that it is not up to current code but usually, existing houses are not required to be "up to code." So asking for code-compliance would essentially be an upgrade.

As for the negotiation, this is where you should rely a bit on your realtor to give you an accurate feel for the market; is it so hot that the seller can easily go to the next offer? Even so, with the inspection and some major items, there's the risk that the seller would have to accommodate the new buyer as well. Yes realtors are motivated to make the sale, but if they are professional, they know that they rely on word of mouth and if they help you out, you'll recommend them to someone else and/or use them when and if you sell.

I'd ask for concessions on the major safety items, that would be a reasonable request and you do have some leverage as you are the only one in contract to buy, others are just offers out there. I myself would not just nit-pick everything. You have not disclosed the price (not asking you to) but I would keep in mind how much the request is in light of the price, if this is a desirable property, don't want to ask for too much of a discount.

We've bought two houses and sold one. Home ownership does mean you have to spend $$ to pay for unexpected stuff like a new garage door, painting, landscaping, appliances, but the tax breaks and (hopefully) appreciation make it more than worthwhile.

My only advice is get a feel for your neighbors if possible. You can have the greatest house but if you are miserable with your neighbors, not good.

Congrats though and I'm sure it'll be a great place for you, sounds great!!

 

Have them do the work and be sure it is up to your standards. That includes the roof.

If they say they will take $15,000 off the price of the house, that still means you don't have the cash to do the work needed.

Don't worry about asbestos tiles unless you start chipping them apart.

 

Given a choice of asking the owner to fix a problem or reduce the price of the house an appropriate amount because that's one thing a new buyer will have to do, go for option 2. If it's a dishwasher that doesn't work, the owner is likely to say, 'Yes, we'll replace that,' and then go find something for $119 at a scratch-and-dent sale; that's not what you want.

My wife and I put about $90,000 into repairs at a fixer-upper we bought 15 years ago. The project was long and difficult. I found one key was to know what we could properly do on our own and what needed to be done by a professional.

Good luck.

 

Put in the request for the work we wanted done (or credits toward said work) and now we wait. It wasn't a crazy list, just things that could save us a few dimes that would go toward the remodeling upgrades.

 

Just a small update for anyone who cares (probably not). Sellers agreed to fix 3 of the 5 things on our list, which is pretty good, considering I didn't think they would be on board with any of them.

Funny side story, my in-laws came to town over the weekend and my wife wanted to show them the house. So they drive over, pull into the driveway,a 52nd just as they were getting out of the car, the sellers (who we thought were living in Virginia) pull in behind them. Awkward conversation ensues, but my wife said they seemed nice.

Now that the inspections and seller concessions are done, I'm feeling a lot more comfortable. Still lots of work to be done (that's an understatement), but it'll be good to own, rather than rent.

 

What did they agree to fix, and what didn't they?

 

In short, they agreed to fix the flue in the chimney, a potential hole in the septic and a leaky waste pipe. They chose not to add a mixing valve to the already old, old furnace, nor straighten the chimney and fix a few minor holes in the roof.

 

Hmm. The chimney sounds problematic, and a leaky roof can quickly turn into a major issue. Depending on where you live, maybe putting on a steel or tin roof is the way to go. Lots of folks in my area are doing it.